12th Annual European High Yield Conference | afme

12th Annual European High Yield Conference

17 Oct 2017 etc venues St. Paul's, London

Agenda

8:30

Registration and refreshments

9:00

Opening remarks and outlook for the European high-yield bond market

Speakers:
Youssef Khlat, Managing Director-Global Head of High-Yield Capital Markets, Crédit Agricole and Chair of the High-Yield Board, AFME
Gary Simmons,
Managing Director, High-Yield and Prime Services, AFME

9:15

Keynote address: Brexit - Outlook for European capital markets
Speaker: Dr Andrew Lilico, Executive Director and Principal, Europe Economics

Introduction and Q&A moderator:
Gary Simmons,
Managing Director, High-Yield and Prime Services, AFME

10:00

Panel discussion: Heads of European High-Yield and Leverage Finance
Conversation with the industry leading heads of high-yield and leveraged finance, discussing current market trends and expectations for 2018.

  • review of the European high-yield market issuance and performance in 2017
  • effects of current and developing trends and practices in the industry
  • what are the key factors that will influence the market in 2018 and beyond
  • expectations and forecast for the coming year

Moderator: 
Marc Plepelits, Partner, Allen & Overy

Panellists:
Mathias Blumschein, Managing Director; Co-Head of High-Yield Debt Capital Markets, ING
Tanneguy de Carné, Global Head of High-Yield Capital Markets, Société Générale
Apostolos Gkoutzinis, Partner, Head of the European Capital Markets Group, Shearman & Sterling
Michael Marsh
, Head of Leveraged Finance, Alternative Capital Raising and Co-Head of Real Estate, EMEA, Goldman Sachs
Arnaud Tresca, Managing Director, Head of Corporate Leveraged Capital Markets, BNP Paribas 

10:50

Networking break

11:15

Regulation in European High-Yield stream
Stream chair’s opening remarks

Why high-yield? Issuers stream
Stream chair’s opening remarks

11:20

Non-European listings of high-yield bonds

  • why has the rise occurred?
  • pros and cons of non-EU listings
  • will the trend continue

Moderator:
Katie Linsell, Corporate Debt Reporter, Bloomberg News

Panellists:
Paul Clews, Partner, White & Case
Fiona Le Poidevin, CEO, The International Stock Exchange (TISE)
Carlo Oly, Head of Relationship Management, International Primary Markets, Luxembourg Stock Exchange
Nigel Weston,
Partner, Walkers

Issuers Roundtable

Conversation with seasoned issuers to discuss experiences in the European high-yield market.

  • factors influencing choice of high-yield bonds
  • living with high-yield covenants
  • lessons from the high-yield process

Moderator:
Jeanette Cruz, Partner, Allen & Overy

Panellists:
Richard Ewen, Trading Finance Director, Iceland Foods
Evangelos Raptis,
Group Treasury Director, Intralot

12:10

How will the latest round of regulation affect European high-yield?

  • MiFID II requirements, what challenges will new rules pose to European high-yield bond sales?
  • research requirements
  • potential implications of MAR for listing high-yield bonds and market soundings
  • continued issues around password protection
  • how will FMSB standards impact European high-yield markets going forward
  • what does increased regulation mean for issuers and investors

Moderator:
Natalia Sokolova, Counsel, High-Yield, Ashurt

Panellists:
Phillip Bagguley, Credit Trading Analyst, BNP Paribas
Mark Chapman,
Co-Head European High-Yield, CreditSights
Tatjana Greil Castro
, Senior Portfolio Manager, Muzinich and Co
Martin Reeves, Head of Global High-Yield, Legal & General Investment Management

Cross-industry views on high-yield bond issuance

  • 2017 trends in high-yield bond, covlite and term loan B issuance
  • erosion of covenant protection in documentation
  • investor and arranger appetite and expectations - comparison with issuers views 
  • what trends are we likely to see in 2018?

Moderator:
Lorraine Vaz, Partner, McGuireWoods London

Panellists:
Sarah Harrison, European High-Yield Portfolio Manager, Morgan Stanley Investment Management
Justin Jewell, Partner, Co-Head of Global Leveraged Finance Long-Only Strategies, BlueBay Asset Management
Christian Knitzschke, Head of High-Yield Syndicate Europe, BBVA
Luca Laino, Director, High-Yield Capital Markets, Deutsche Bank

13:00

Networking lunch

14:00

Panel discussion: Transparency, covenants, disclosure and reporting

  • issuer websites: passwords and other restrictions
  • transparency: pre-deal discussions of “unusual” structures and covenant provisions and quarterly conference calls
  • disclosure: is further standardisation necessary?
  • EU vs US disclosure and transparency practices and the trend of Reg S deals adhering to 144A standards
  • trends and predictions

Moderator:
Marwa Elborai, Partner, Shearman & Sterling

Panellists:
Craig Abouchar, Managing Director, European High-Yield, Barings
Pierre‑Marie Boury,
Partner, Cleary Gottlieb
Sabrina Fox,
Head of European Research, Covenant Review
Ash Heatwole, ‎Credit Analyst, ‎Shenkman Capital Management
Clark Nicholls, Senior Portfolio Manager, AXA Investment Managers

14:50

Panel discussion: Heads of private equity - current market considerations and outlook for next year

  • factors affecting current market liquidity
  • term loan Bs vs high-yield bonds
  • concerns regarding terms in documentation and covenant deterioration
  • maintaining an open dialogue with investors

Moderator:
Fabio Diminich, Partner, Clifford Chance

Panellists:
Christopher Anderson, Managing Director, Capital Markets, Civnen
Phil Robertson
, Managing Director, Capital Markets, CVC Capital Markets
James Yu, Partner, EQT

15:40

Networking break

16:10

Panel discussion: US vs. Europe - high-yield markets comparisons and convergence

  • are European and US high-yield still two distinct markets
  • will we continue to see investor and issuer crossover?
  • will markets continue to converge?
  • what policy changes could affect the markets going forward?

Moderator:
Tony Lopez, Partner, DLA Piper

Panellists:
Tamer Bahgat, Partner, Ashurst
Adam Cohen, Founder and CEO, Covenant Review
Michael Larsson, Director, Fixed-Income Analyst, Fitch Ratings
Mark Wade, Head of Industrials Credit Research, Allianz Global Investors
Robert Wartchow, Director, Leveraged Finance Capital Market, Credit Suisse

17:00

Closing remarks
Gary Simmons, Managing Director, High-Yield and Prime Services, AFME

 

17:10

Drinks reception